Globalstar Sees Unusually High Options Volume (NYSE:GSAT)

Globalstar, Inc. (NYSE:GSAT) was the target of unusually large options trading activity on Thursday. Investors bought 25,942 call options on the stock. This represents an increase of approximately 119% compared to the typical daily volume of 11,841 call options.

Globalstar Trading Up 1.0 %

NYSE:GSAT traded up $0.02 during midday trading on Thursday, hitting $2.09. 8,793,525 shares of the company traded hands, compared to its average volume of 8,197,319. The stock has a market cap of $3.96 billion, a price-to-earnings ratio of -69.67 and a beta of 1.10. The firm has a fifty day moving average price of $2.03. Globalstar has a 12-month low of $1.00 and a 12-month high of $2.74. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.09 and a quick ratio of 0.99.

Analyst Upgrades and Downgrades

Separately, StockNews.com raised Globalstar from a “sell” rating to a “hold” rating in a research note on Monday, November 11th.

Insiders Place Their Bets

In other news, Director James Monroe III bought 530,000 shares of the stock in a transaction dated Friday, December 13th. The stock was purchased at an average cost of $1.90 per share, for a total transaction of $1,007,000.00. Following the transaction, the director now owns 6,834,090 shares of the company’s stock, valued at $12,984,771. The trade was a 8.41 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director William A. Hasler sold 90,000 shares of the business’s stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $1.93, for a total transaction of $173,700.00. Following the completion of the sale, the director now owns 848,668 shares in the company, valued at $1,637,929.24. This represents a 9.59 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have purchased 3,030,000 shares of company stock worth $5,987,000 and have sold 3,666,312 shares worth $8,104,313. Corporate insiders own 61.00% of the company’s stock.

Institutional Investors Weigh In On Globalstar

Hedge funds and other institutional investors have recently made changes to their positions in the company. Dynamic Technology Lab Private Ltd purchased a new position in shares of Globalstar during the 3rd quarter worth about $56,000. Sender Co & Partners Inc. bought a new stake in Globalstar in the third quarter worth about $106,000. Point72 Asia Singapore Pte. Ltd. boosted its position in shares of Globalstar by 1,000.5% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 129,644 shares of the company’s stock valued at $161,000 after buying an additional 117,864 shares during the period. BNP Paribas Financial Markets grew its stake in shares of Globalstar by 26.4% during the third quarter. BNP Paribas Financial Markets now owns 328,298 shares of the company’s stock valued at $407,000 after buying an additional 68,599 shares during the last quarter. Finally, XTX Topco Ltd grew its stake in shares of Globalstar by 3,472.7% during the third quarter. XTX Topco Ltd now owns 976,353 shares of the company’s stock valued at $1,211,000 after buying an additional 949,025 shares during the last quarter. Hedge funds and other institutional investors own 18.89% of the company’s stock.

Globalstar Company Profile

GLOBALSTAR INC offers satellite voice and data services to commercial and recreational users in more than 120 countries around the world. Globalstar’s products include mobile and fixed satellite telephones, simplex and duplex satellite data modems and flexible service packages. Many land based and maritime industries benefit from Globalstar with increased productivity from remote areas beyond cellular and landline service.